An interesting idea that I thought I would share with this board is the following: ANYONE can attend a community college or university, take 6 credits (2 classes) and get student loans. This is automatic, regardless of your credit history or actual financial need. I am able to get about $5,500 per semester, $16,500 per year. Personally I have very good credit and don't really "need" the funds. The reason I am personally doing it as to borrow money at a joke of an interest rate. Right now student loans are at 2.77%. These funds can be used to pay down a mortgage, purchase a car, etc. To take it a step further, you can then consolidate the student loans to lock in a rate of 2.77% for 10-25 years depending on how much you borrow. Many places will offer bonuses and better rates if you consolidate. I plan on consolidating by August 2005. Right now one place is offering to consolidate at 2.77%, 1.25% reduction for automatic payment, and an additional 1% reduction after year 3. This means the interest rate I will be paying from year 4-20 will be at a rate of about .50%, oh and tax deductable to boot! I know plenty will not cherish the idea of taking college classes, but you can take stupid joke classes and furthering your education is never a bad idea either. Just some food for thought.
